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trillions of dollars that appear to be economic growth are just borrowing from the future — a debt that will eventually have to be repaid with taxes or inflation. Both will kill growth.

Consumers are in the same boat. Families have depleted their savings and gone deeply into debt to meet today’s stratospheric cost of living. Credit card debt alone is a record $1.14 trillion. Total household debt has ballooned to an eye-watering $17.8 trillion.

However, the debt charade is ending, and the façade of economic growth will come down soon after that. The latest consumer credit data shows that growth for things like credit cards has begun collapsing at the fastest rate since the COVID recession.

It’s unclear whether this is due primarily to people being unwilling to go deeper into debt or because lenders are leery about lending more, but the implication is clear: consumer spending — about

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